Georgia Works

Baby Boomers – Returning to the Workforce

The retirement wave that was supposed to hit as Baby Boomers entered their 60’s is not happening as planned.

A surprising number of eligible retirees are either staying in the workforce or considering returning to it.

A recent study by CareerBuilder.com found that 6 of 10 workers age 60 plus say they plan to look for a new job after leaving their current position. This figure is rising, as only 57% made the same claim last year.

According to a story at FiscalTImes.com, In part, medical advances have made later-life work possible. Increased life expectancies mean the average man who retires at 65 can expect to live 18 years in retirement, and the average woman 20, trend forecaster Innovaro’s released a report that notes. That’s up from previous generations—in 1950, when the average retirement age was about 67, men could expect to live about 11 years in retirement and women 14. “The post-age-65 life stage is getting stretched,” says Innovaro’s Chris Carbone. “People are saying, you know I actually have a good third of my life I could spend doing something.”

And it’s not just that we’re living longer—we’re healthier. Between 1983 and 2007, the share of adults ages 55 to 64 considered to be in fair or poor health declined from 25 to 19 percent and for those ages 65 to 74 from 33 to 22 percent, according to data from the Urban Institute’s Program on Retirement Policy.

According to the U.S. Bureau of Labor Statistics, by 2018 almost a quarter of all U.S. workers will be age 55 plus.